The latest lighting technology for parking areas quickly pays for itself and can reap energy savings of up to 70%, according to the U.S. Department of Energy (DOE).
The Department has promoted its Lighting Energy Efficiency in Parking (LEEP) Campaign to support participants in their efforts to upgrade and install energy-efficiency equipment and lighting controls in more than 540 million square feet of parking facilities since 2012. That effort has translated into savings of 137 million kWh a year, or $14.79 million in electricity savings.
LED products have made the fastest inroads in outdoor applications, the DOE says, with a penetration rate of 32.5% in parking garages and 26.2% in parking lots in 2016.
LEEP is a collaboration between the U.S. Green Building Council, Building Owners and Managers Association International (BOMA), International Facility Management Association (IFMA), International Parking Institute, and the Better Buildings Alliance, with technical support from the Department of Energy’s Pacific Northwest National Laboratory.
It was recently reported that the global LED lighting market is likely to reach $70.24 billion in the next five years, growing at a CAGR of 12.6% during a forecast period of 2013 to 2023, according to a report from P&S Market Research.
Analyzing the LED lighting market by product type, installation type, end-use application, and geography, the report looks at growth drivers, trends, and restraints. Noting that LEDs are being used for a number of indoor, outdoor, architectural, automotive, and horticultural applications, P&S Market Research says that the increasing adoption of energy-efficient lighting solutions worldwide is a primary factor in the growth of this market.